New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿178.8m market cap, or US$5.45m). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 12x cash flows per share). Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 19
First quarter 2026 earnings released: ฿0.036 loss per share (vs ฿0.36 profit in 1Q 2025) First quarter 2026 results: ฿0.036 loss per share (down from ฿0.36 profit in 1Q 2025). Revenue: ฿65.7m (up 39% from 1Q 2025). Net loss: ฿429.0k (down 110% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock has risen 4.8% to ฿15.40. The fair value is estimated to be ฿19.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 53%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿17.00, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 13x in the Specialty Retail industry in Thailand. Total returns to shareholders of 32% over the past three years. Upcoming Dividend • Apr 02
Upcoming dividend of ฿1.50 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 29 April 2026. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 7.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.5%). New Risk • Feb 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 7.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Market cap is less than US$10m (฿238.8m market cap, or US$7.64m). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: ฿2.94 (vs ฿0.69 in FY 2024) Full year 2025 results: EPS: ฿2.94 (up from ฿0.69 in FY 2024). Revenue: ฿305.3m (up 3.4% from FY 2024). Net income: ฿35.3m (up 326% from FY 2024). Profit margin: 12% (up from 2.8% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Aankondiging • Feb 13
Boutique Newcity Public Company Limited Proposes Cash Dividend for the Period from January 1, 2025 to December 31, 2025, Payable on April 29, 2026 Boutique Newcity Public Company Limited at its board meeting held on February 11, 2026, proposed to the Annual General Shareholders' Meeting to be held on April 3, 2026, cash dividend for Common shareholders of THB 1.50 per share, totaling THB 18,000,000 in dividends, which is in accordance with the dividend payment policy for the Operating period from January 1, 2025 to December 31, 2025. Record date for the right to receive dividends is 10-April-2026, Ex-dividend date is 09-April 2026 and Payment date is 29-April 2026. Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿0.10 loss per share (vs ฿0.74 loss in 3Q 2024) Third quarter 2025 results: ฿0.10 loss per share (improved from ฿0.74 loss in 3Q 2024). Revenue: ฿53.2m (flat on 3Q 2024). Net loss: ฿1.20m (loss narrowed 86% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: ฿0.25 loss per share (vs ฿1.58 profit in 2Q 2024) Second quarter 2025 results: ฿0.25 loss per share (down from ฿1.58 profit in 2Q 2024). Revenue: ฿76.0m (down 34% from 2Q 2024). Net loss: ฿3.05m (down 116% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿12.00, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 15x in the Specialty Retail industry in Thailand. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿13.80, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 14x in the Specialty Retail industry in Thailand. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿13.90, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 13x in the Specialty Retail industry in Thailand. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ฿11.20, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 13x in the Specialty Retail industry in Thailand. Total loss to shareholders of 13% over the past three years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.36 (vs ฿0.32 in 1Q 2024) First quarter 2025 results: EPS: ฿0.36 (up from ฿0.32 in 1Q 2024). Revenue: ฿63.3m (down 1.7% from 1Q 2024). Net income: ฿4.30m (up 13% from 1Q 2024). Profit margin: 6.8% (up from 5.9% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿14.50, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 16x in the Specialty Retail industry in Thailand. Total returns to shareholders of 47% over the past three years. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.6%). Board Change • Apr 12
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Jennifer Sriprasert was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (฿172.8m market cap, or US$5.12m). Minor Risk Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.69 (vs ฿2.30 in FY 2023) Full year 2024 results: EPS: ฿0.69 (down from ฿2.30 in FY 2023). Revenue: ฿323.2m (up 22% from FY 2023). Net income: ฿8.29m (down 70% from FY 2023). Profit margin: 2.6% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 25
Boutique Newcity Public Company Limited Proposes Cash Dividend for the Period from January 1, 2024 to December 31, 2024, Payable on May 23, 2025 Boutique Newcity Public Company Limited at its board meeting held on February 24, 2025, proposed to the Annual General Shareholders' Meeting to be held on April 25, 2025, cash dividend for Common shareholders of THB 0.20 per share, totaling THB 2,400,000 in dividends, which is in accordance with the dividend payment policy for the Operating period from January 1, 2024 to December 31, 2024. Record date for the right to receive dividends is May 8, 2025, Ex-dividend date is May 7, 2025 and Payment date is May 23, 2025. Reported Earnings • Nov 14
Third quarter 2024 earnings released: ฿0.74 loss per share (vs ฿1.15 profit in 3Q 2023) Third quarter 2024 results: ฿0.74 loss per share (down from ฿1.15 profit in 3Q 2023). Revenue: ฿54.2m (down 35% from 3Q 2023). Net loss: ฿8.86m (down 165% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿19.80, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 20x in the Specialty Retail industry in Thailand. Total returns to shareholders of 92% over the past three years. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿1.58 (vs ฿0.22 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.58 (up from ฿0.22 in 2Q 2023). Revenue: ฿133.9m (up 149% from 2Q 2023). Net income: ฿19.0m (up ฿16.3m from 2Q 2023). Profit margin: 14% (up from 5.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to ฿16.90. The fair value is estimated to be ฿21.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ฿16.90. The fair value is estimated to be ฿21.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ฿16.70. The fair value is estimated to be ฿21.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 05
First quarter 2024 earnings released: EPS: ฿0.32 (vs ฿1.49 in 1Q 2023) First quarter 2024 results: EPS: ฿0.32 (down from ฿1.49 in 1Q 2023). Revenue: ฿66.9m (up 1.7% from 1Q 2023). Net income: ฿3.80m (down 79% from 1Q 2023). Profit margin: 5.7% (down from 27% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • May 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.3% Last year net profit margin: 18% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿214.8m market cap, or US$5.85m). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). Buy Or Sell Opportunity • Apr 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿20.30. The fair value is estimated to be ฿26.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿22.60, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 22x in the Specialty Retail industry in Thailand. Total returns to shareholders of 74% over the past three years. New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿244.8m market cap, or US$6.91m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿2.30 (vs ฿1.75 in FY 2022) Full year 2023 results: EPS: ฿2.30 (up from ฿1.75 in FY 2022). Revenue: ฿289.5m (up 6.8% from FY 2022). Net income: ฿27.5m (up 32% from FY 2022). Profit margin: 9.5% (up from 7.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 27
Boutique Newcity Public Company Limited, Annual General Meeting, Mar 29, 2024 Boutique Newcity Public Company Limited, Annual General Meeting, Mar 29, 2024, at 10:00 SE Asia Standard Time. Location: 1st Floor, No. 1112/53-75 Soi Sukhumvit 48, Sukhumvit Road Prakhanong Sub-District, Klongtoey District Bangkok Thailand Agenda: To approve the minutes of the Annual General meeting No.53 on April 24, 2023; to acknowledge the Annual Report of the Board of Directors and the Company's performance in 2023; to consider and approval the financial statements and reports of the auditor as of December 31, 2023; to consider for approval the omit dividend; to consider and appoint directors; to consider the determination of the company directors's remuneration; to consider the appointment of auditors and determine the remuneration of auditors; to consider approving an additional of Clause 3 of the Memorandum of association; to consider an amendment of the Company's Articles of Association; and to consider other matters (if any). New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿276.0m market cap, or US$7.65m). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿1.15 (vs ฿0.92 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.15 (up from ฿0.92 in 3Q 2022). Revenue: ฿90.2m (up 4.1% from 3Q 2022). Net income: ฿13.7m (up 24% from 3Q 2022). Profit margin: 15% (up from 13% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿26.25, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 25x in the Specialty Retail industry in Thailand. Total returns to shareholders of 124% over the past three years. Buying Opportunity • Sep 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 37%. The fair value is estimated to be ฿36.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿44.75, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 293% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.22 (vs ฿0.49 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.22 (down from ฿0.49 in 2Q 2022). Revenue: ฿54.3m (down 1.6% from 2Q 2022). Net income: ฿2.67m (down 54% from 2Q 2022). Profit margin: 4.9% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿36.25, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 21x in the Specialty Retail industry in Thailand. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ฿36.00, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Specialty Retail industry in Thailand. Total returns to shareholders of 208% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to ฿38.50, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 21x in the Specialty Retail industry in Thailand. Total returns to shareholders of 210% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 199% After last week's 199% share price gain to ฿46.00, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 21x in the Specialty Retail industry in Thailand. Total returns to shareholders of 222% over the past three years. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿1.49 (vs ฿0.80 loss in 1Q 2022) First quarter 2023 results: EPS: ฿1.49 (up from ฿0.80 loss in 1Q 2022). Revenue: ฿79.9m (up 13% from 1Q 2022). Net income: ฿17.9m (up ฿27.5m from 1Q 2022). Profit margin: 22% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • May 11
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kris Nalamlieng was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 19
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kris Nalamlieng was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.92 (vs ฿0.013 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.92 (up from ฿0.013 loss in 3Q 2021). Revenue: ฿86.7m (down 46% from 3Q 2021). Net income: ฿11.1m (up ฿11.2m from 3Q 2021). Profit margin: 13% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Kris Nalamlieng was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Jun 30
Siratarn Company Limited agreed to acquire an additional 6.34% stake in Panivara Co., Ltd. from Boutique Newcity Public Company Limited (SET:BTNC) for THB 19.17 million. Siratarn Company Limited agreed to acquire an additional 6.34% stake in Panivara Co., Ltd. from Boutique Newcity Public Company Limited (SET:BTNC) for THB 19.17 million on June 28, 2022. Siratarn Company Limited will acquire 18,000 shares for THB 1,065 each. The transaction has been approved by the board of Boutique Newcity Public Company Limited. Reported Earnings • May 19
First quarter 2022 earnings released: ฿0.80 loss per share (vs ฿0.87 loss in 1Q 2021) First quarter 2022 results: ฿0.80 loss per share (up from ฿0.87 loss in 1Q 2021). Revenue: ฿70.5m (down 10% from 1Q 2021). Net loss: ฿9.59m (loss narrowed 7.9% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Kris Nalamlieng was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2021 earnings released: ฿0.013 loss per share (vs ฿1.41 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ฿159.5m (up 76% from 3Q 2020). Net loss: ฿158.0k (loss narrowed 99% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 19
Second quarter 2021 earnings released: ฿0.49 loss per share (vs ฿0.51 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ฿97.3m (up 4.8% from 2Q 2020). Net loss: ฿5.88m (down 196% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2021 earnings released: ฿0.87 loss per share (vs ฿3.29 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: ฿80.6m (down 25% from 1Q 2020). Net loss: ฿10.4m (loss narrowed 74% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day low: ฿10.70 The company is down 1.0% from its price of ฿10.80 on 25 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: ฿15.80 The company is up 58% from its price of ฿10.00 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is flat over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: ฿11.90 The company is up 4.0% from its price of ฿11.40 on 03 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Specialty Retail industry, which is down 2.0% over the same period. Is New 90 Day High Low • Nov 10
New 90-day low: ฿9.30 The company is down 18% from its price of ฿11.40 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: ฿10.20 The company is down 15% from its price of ฿12.00 on 13 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 6.0% over the same period. 
